Breakout GBP/USD
Hi Glenn5t
Nice to see you here also. I have been using your box method from FF, do you have any suggested method for when to take profit?
I am curious about your third system [curiosity kills the cat].....
ET
Hi. et_phonehome_2
Well I hope you are making money using the method..
As far TP goes I play it a bit by ear ( but I guess thats because I have been doing it so long).
You can use the S/R or pivot's. But please remember you are using the volatility of the GBP so it can and will move out of character.
I use ADX for strength and FX snippers...I find the FX snipper good showing the weakness...
Thats why I use a 15-20 tp and a trailing stop if it moves strongly...
My third method I use for EU and UJ...when Iam waiting for the weekly to setup, and its setup up on my 15 min so I also use it to trade the GU after I have entered as per the box...its as per the pic......
Its easy to use..
Glenn
Can you post FX Sniper's indicator?
Thanks,
ET
can I use this method for every pairs? please attach more pictures.
thanks
The box method will only work on GBP/USD, mainly due to the lack of sterling traded in any other session.....therefore you will get a possible move( breakout) within the first few hours of the London opening..
If you want more info on the other method I have showen here in response to ET, I will have to put together a full discription with entry and exits, and yes you can use that on any pair...
Glenn
This is how I use the second method ( the pic posted in post 3).
Indicators:
It is a channel break-in method, The channel is Keltner and the method is very simple when the pair move out of the channel you wait for it to cross back into it.
And a heiken-ashi smooth.
ADX:
My seting is 6....the green line is the strength and the blue (long) red ( short).
FX sinper's logic with trigger:
Setting 2,10,1,2....
Forexfreedom:
set, with 15, 30min,1hr and 4 hr...
I use the forexfreedom only as a trend guide, I find it very handy to be able to see the trend on 4 time frames at one time..
Entry:
In pic 1 you will a setup for entry the next candle after the red line show's the following,
Middle of the channel, sinpers has crossed, ADX blue and green lines are moving up together and the HA is blue. also note the Forexfreedom is all blue showing a overall up trend..
So we enter with the trend..
EXIT:
Pic2.. see the ADX blue line has started to move back and the sinpers is turning... also note we are now out of the channel ( overbought).
Pic3...ADX green line is now turning down and snipers as crossed...
You could enter here for a quick short ( high risk) if you look at the forexfreedom you will see we have a strong up trend still, so a position short now will be against the trend and if you take a trade look to the middle of the channel as your exit.
Pic4..Note we hit the middle of the channel and the adx is showing weakness ( green and red turning down and sinpers is oversold ) If you took a short exit.
Pic5...ADX blue red cross sniper cross enter long..
in the last pic you will see the pair moved up again outside of the channel, and you can see ADX went into overbought and turned down , the snipers crossed so exit..
again it moved back to the center of the channel with the trend still long so again trade short with caution..
The Heiken-ashi I use as a guide the length of the candle indicating the strength of the move....as it narrows look for a change...
This was a example of trades on the 11th April over some 8 hours...
Again I think I have covered enough for you to set it up and try it, please try it on a demo and see if it suite you...
This is my method I have cobbled together from many different sources and many years of trying method's.. None of it is new I dont say it is or its my system, I have borrowed it from many and I thank them .
It works for me it may not work for you...
If anyone try's it I would intrested in your feedback...
ET...you may find this intresting....
Regards Glenn
glenn,
I think this is good system and I just need to test it further before I used it with my live account. Where can I get forexfreedom indicator? Can you post it? Im using Metatrader 4.
Thanks
jasperdant
Thankyou for your comment, I have used this method live on GBP/USD , EUR/USD and when those two are flat I trade USD/JPY.....
The reason I stay with the first two is value per pip and broker spread..
Attached: forexfreedom indicator, Keltner channel and Heiken-Ashi smooth...
Glenn
Thank u glenn5t
I use this method in demo acc. and write my result.
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Iam new here and this is my first thread.
I would like to show a very simple GU breakout method that I use, This will not make a million pips a day however you can make 20+ a day regularly...
First a little about me , I have been trading Forex for the best part of six years , I own a business and Forex takes up the rest of my time so iam a semi trader....
I have always been intrested in the breakout methods and I have three that I use on a daily basis ( one is similiair to the thread "out of the box" if you read throught it you will see my post and a screen shot that will give you an idea of how I trade that method).
But the one I would like to share here is very simple and use's one indicator,
First setup a 1hr chart GBP/USD....either use the indicator attached or draw two lines one at the highest high and the other at the lowest low for the period 00.00 to 05.59 GMT
do not trade inside the box
Entry:
wait for the first candle outside the box when that candle passes the HI or LO lines , change to a 15min chart and wait for the next candle to form , if it contiunes to move away from the box thats the entry.
Exit
I look for 15 pips if it moves strongly I put a trailing stop of 10 pips and let it run...
Stop loss
Breakout point.. If the pair retract back into the box close the position and do not re-enter.
Please try it on a demo untill your happy with it, as I said I use this every night and it makes me on average 20-30 pips a night...
You can also look for the following: narrow box spreads as these will stand a good chance of breaking out ..
I think I have covered every thing as I said this is my first thread so if your intrested and would like to know more or ask me about my other methods please feel free...
Chart and indicator attached...
:NOTE:
Indicator setup......It has the ability to setup boxe's for Asian/ Euro and Us sesions....I use only the Euro one to do this set the other two at 00.00 -00.00 and change the colour to suite your chart background..
Glenn